Market Definition
Frozen food products are manufactured in a way that preserves their freshness & goodness for a longer duration under low temperatures. They can include an extensive range of meat & seafood, fruits & vegetables, dairy products, desserts, and snacks & beverages. These types of food are mainly ready-to-cook & ready-to-eat and are gaining swift momentum worldwide, especially among the working population.
Market Insights
The Global Frozen Food Market is projected to grow at around 4.8% CAGR during the forecast period, i.e., 2022-27. The growth of the market is driven primarily by the increasing population & its massive food requirements, coupled with the burgeoning number of working people, i.e., propelling the demand for frozen food as a convenient option with minimal or no preparation time.
| Report Coverage | Details |
|---|---|
| Study Period | Historical Data: 2017-20 |
| Base Year: 2021 | |
| Forecast Period: 2022-27 | |
| CAGR (2022-2027) | 4.8% |
| Regions Covered | North America: USA, Canada, Mexico |
| South America: Brazil, Argentina, Rest of South America | |
| Europe: Germany, The UK, France, Spain, Italy, Rest of Europe | |
| Asia-Pacific: China, Japan, India, South Korea, Rest of Asia Pacific | |
| Middle East & Africa: GCC, Africa, Rest of Middle East and Africa | |
| Key Companies Profiled | Ajinomoto Foods, Conagra Brands Inc., Frosta AG (Frosta), General Mills Inc., Grupo Bimbo, Heinz Frozen Food Company, Lantmannen Unibake, McCain Foods Limited, Nestle SA, Nomad Foods Ltd., The Kellogg Company, Tyson Foods, Unilever PLC, Wawona Frozen Food |
| Unit Denominations | USD Million/Billion |
Owing to the hectic lifestyle & changing food preferences of people, the demand for frozen food is escalating swiftly and generating lucrative growth opportunities for food manufacturers to introduce extensive menus for consumers.
Besides, the emerging trend of veganism is another aspect stimulating the demand for frozen fruits & vegetables worldwide, thereby driving the global market. Moreover, increasing inflow of tourists in different corners of the world is also portraying a rising demand for frozen food across cafes, restaurants, hotels, etc.
Furthermore, the easy availability of ready-to-cook & ready-to-eat frozen food across numerous sales channels, coupled with the growing inclination & expenditure of people on frozen food due to its extended shelf life, are other prominent factors projected to promote the growth of the global market through 2027.
Key Trend in the Global Frozen Food Market
The leading food & beverage manufacturers are actively taking initiatives toward extending their services to online platforms for customers to explore through an extensive range of frozen food of various brands & nutritional values. It, in turn, is enabling them to expand their visibility & reach across different regions worldwide.
Besides, with the growing internet penetration, online sales channels are gaining significant traction and becoming a prominent shopping source globally, which, in turn, projects profitable prospects for the Global Frozen Food Market over the forecast years.
Impact of Covid-19 on the Global Frozen Food Market
The Covid-19 pandemic in 2020 had a decelerating effect on most industries worldwide, yet the Global Frozen Food Market witnessed an upswing. Owing to the severity of the global crisis, governments of different countries imposed stringent movement restrictions & frequent lockdowns to curb the spread of this dreadful disease. As a result, all manufacturing operations got suspended & people had to remain at home as a safety measure.
As the duration of the impositions was uncertain, people began panic shopping & stockpiling food & commodities. Consequently, the demand for frozen food escalated dramatically amidst the crisis and, in turn, instigated the leading market players to increase their production & distribution capacities. Since, unlike other sectors, food comes under essentials, the market did not face severe challenges in the supply chain and observed a notable hike amidst the pandemic.
Market Segmentation
Based on the Distribution Channel:
Of all distribution channels, Hypermarkets & Supermarkets are anticipated to acquire the largest share in the Global Frozen Food Market during 202-27. It attributes principally to the rapidly expanding retail sector, coupled the active participation of the leading food manufacturers in extending their product offerings to a much larger consumer base. Besides, the prevalence of offline distribution channels being a primary platform for shopping due to easy availability & extensive options is also a prominent factor promoting the sales of frozen food products through hypermarkets & supermarkets and, in turn, driving the global market.
On the other hand, online channels are projected to demonstrate the fastest market growth in the coming years, mainly due to the increasing adoption of e-commerce platforms among various frozen food manufacturers to expand their reachability & brand endorsement across different regions and offer an extensive range of options to consumers. Furthermore, increasing government initiatives through favorable policies for encouraging food manufacturers to adopt digital platforms shall further contribute to the growth of the global market through online channels over the forecast years.
Based on the Product Type:
Here, Frozen Meat & Seafood is anticipated to dominate the global market with the largest share in the coming years, principally due to the increasing food requirements of the exponentially rising population & growing demand for protein-rich & high nutrition food. Besides, the growing number of working men & women with minimal or no time for meal preparation is also propelling the demand for frozen meat & seafood.
Moreover, growing consumer awareness about the significance & health benefits of frozen meat & seafood are other crucial aspects augmenting the growth of the global market. Furthermore, the swift expansion of the food & beverage and tourism sectors is another prominent factor projected to promote the demand for frozen meat & seafood globally, mainly due to the never-ending urge of tourists to try new cuisines & international products.
Regional Landscape
Geographically, the Global Frozen Food Market expands across:
Amongst all regions globally, Europe is anticipated to dominate the Frozen Food Market with the largest share during 2022-27. It owes principally to the swiftly improving & stabilizing economies of different countries across the region, coupled with increasing disposable income & changing food preferences of people, i.e., portraying their mounting inclination toward frozen food.
Besides, the growing number of vegan food consumers across Europe is also boosting the demand for frozen fruits & vegetables and augmenting the regional market growth. Moreover, since the region has the massive tourism sector, it is an opportunity area for food manufacturers to offer different varieties of frozen food to tourists, which, in turn, would accelerate the overall market growth in the years to come.
On the other hand, Asia-Pacific is projected to demonstrate the fastest market growth through 2027, primarily due to the growing consumer preference toward ready-to-eat meals, especially in countries like China, India, Japan, etc. In addition, the escalating number of working population across different countries of Asia-Pacific is another crucial aspect attributing to the substantial demand for frozen food in the region.
China, India, and Japan are the major regional consumers of frozen food. Moreover, since the region witnessed catastrophic effects of the Covid-19 pandemic, the demand for frozen food escalated dramatically amidst the crisis owing to enhanced health consciousness among people. Hence, all these aspects project significant growth opportunities for the Frozen Food Market across Asia-Pacific through 2027.
Market Dynamics
Key Driver: Escalating Working Population & their Inclination on Convenient Food
With the growing influx of migrants due to increasing job opportunities and the exponentially rising population worldwide, the need for convenient food options is swiftly escalating and, in turn, infusing the demand for frozen food products, majorly due to the hectic lifestyle of people with no time for food preparation. It, in turn, is leading to increasing consumer dependency on ready-to-eat & ready-to-cook frozen food and driving the Global Frozen Food Market.
Possible Restraint: Shifting Focus on Natural & Fresh Food from Frozen Food
The increasing health concerns among people and the easy availability of fresh & natural food across different sales channels might restrain the growth of the Global Frozen Food Market during 2022-27. In addition, debates over fluctuations in the nutrient level of fresh & frozen food are shifting the consumer focus on natural food and, in turn, projecting a declining overall market growth in the years to come.
Key Questions Answered in the Market Research Report:
Frequently Asked Questions
A. The Global Frozen Food Market is expecting around 4.8% CAGR during 2022-27.
A. The rapidly growing population of the working class & the swift expansion of the retail sector is the key aspect projected to drive the Global Frozen Food Market during 2022-27. However, the easy availability of fresh & natural food & growing health consciousness among people might restrain the demand for frozen food and negatively impact the overall growth of the global market in the years to come.
A. The active efforts of food manufacturers in adopting online platforms for extending their services to a large consumer base is the emerging trend in the Global Frozen Food Market.
A. Frozen Meat & Seafood is anticipated to emerge as an area of remunerative opportunities for the leading players in the Global Frozen Food Market over the forecast years.
